Team News Riveting
Raipur, June 11
The National Company Law Tribunal (NCLT) has permitted withdrawal of corporate insolvency resolution process (CIRP) against Nagpur-based Jayaswal Neco Industries Ltd (JNIL).
“Pursuant to the provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that further to acquisition of the entire Principal Outstanding debt of the Company by the various trusts declared and managed by Assets Care & Reconstruction Enterprise Limited (‘ACRE’) in its capacity as a trustee of such trusts and the Company having entered into Restructuring Support Agreement with the said trusts, ACRE-54 Trust (acting through its trustee ACRE and being assignee of the debt of State Bank of India) has withdrawn the insolvency proceedings initiated against the Company by the State Bank of India before the
National Company Law Tribunal (NCLT), Mumbai Bench, under Section 7 of the Insolvency and Bankruptcy Code, 2016,” the company said in a regulatory filing today.
The NCLT, Mumbai Bench vide its order dated 10th June 2022 has allowed the withdrawal of the insolvency proceedings against the Company, JNIL said.
Jayaswal Neco Industries manufactures and sells iron and steel, ferrous and non-ferrous castings in India. The product range includes HR and CR Sheets and coils, bars and rods apart from carbon and alloy steel. The company also in the business segment of Steel, Iron and Steel Castings.
